What is Pibank?
Pibank is the digital bank of the Pichincha Group, a financial institution that has been operating in Spain since 2007. It operates as a Spanish bank, and its deposits are covered by the Spanish Deposit Guarantee Fund up to €100,000.
Products available in 2026
12-Month Fixed-Term Deposit — 2.12% APR
The standout product is its 12-month deposit with a 2.12% APR. The minimum deposit is €500. Interest is paid at maturity, and the principal remains locked in for the term. No early withdrawal allowed.
Savings Account — up to 2.02% APR
Pibank also offers a savings account with a variable rate. The 2.02% APR applies to balances over €5,000. No direct deposit or account linkage is required.
How does it compare to the competition?
The 2.12% rate on the 12-month deposit is competitive but lower than the best deposits available on Raisin (above 2.40%). Pibank’s advantage lies in its simplicity and the Spanish Deposit Guarantee Fund (FGD) without intermediaries.
For non-term savings accounts, Trade Republic (2.02%), MyInvestor (2.10%), and WiZink (2.10%) offer similar or higher rates without the €5,000 minimum balance requirement.
Who is it for?
Pibank is a good fit for those who prefer to bank with a Spanish bank regulated by the Bank of Spain. The 12-month deposit is suitable for capital that won’t be needed during that period.
Conclusion
Pibank is a solid, reliable option, though not the most profitable on the market. If you’re looking for the highest APY on a fixed-term deposit, compare the best deposits available in Spain before deciding.